Here we go again with the third and most likely the last stimulus check we, Americans, will be getting. The coronavirus has hit us and the world hard. We have lost many life’s and it has impacted each individual in many ways. We are lucky that the government has stepped up and provided us with a variety of stimulus packages.
On March 6, 2021, the Senate approved President Biden’s $1.9 Trillion Economic Plan. The plan includes extending unemployment benefits, providing funds to states and local governments, helping schools to reopen and support coronavirus testing and vaccine distribution. After the president signs the bill it into the law, then we can start seeing checks distributed.
WHAT TO EXPECT
Stimulus Checks of $1400
Eligible: Individuals making under $80,000 and couples making under $160,000 will receive a payment of $1,400 per person and $1,400 per dependent. These will decrease for those above this income level.
Non-Eligible: Persons making $80,000 or more or $160,000 or more jointly will not be eligible.
Unemployment Benefits of Additional $300 Per Week
Unemployment will be extended through early September and will include a $300 per week federal supplement. This includes a provision that waives federal incomes taxes for the first $10,2000 of unemployment benefits received in 2020 for households that made $150,000 or less. This will help lower tax bills for those individuals.
Child Tax Credit Increases
The bill would temporarily increase child tax credit. Currently, the credit is set at $2,000 for children under 17.
New legislation will include: Credit will increase up to $3,600 for children five and under. Credit will increase up to $3,000 for children between ages 6 to 17.